The USDA released a 2023 peanut crop forecast report, increasing planted area to 1.65m acres (up from 1.57m acres reported last month) while reducing yield forecast to 3,953 lbs/acre (down from 4,047 lbs/acre reported last month). Below is a summary of this report:
Interesting to note:
– While harvested area and yield are only estimates at this point, September NASS planted area has been historically accurate (less than 1% error) in recent years
– This NASS report now includes the jump in Texas acres previously only part of the August FSA acreage report. Abandonment rate this year in TX is predicted at just under 11% versus 25% abandonment rate in TX last year
– Yield and quality of this crop is TBD, with some growing regions having more favorable growing conditions than others. Parts of AL and Southwest GA, especially dry land, may be problematic in yield and quality while parts of Southeast Georgia are at this point in good shape
